After an impulse to $1900, Gold completed A down to $1040. Corrective wave B that unfold right now is corrective by nature and will unfold as 5-3-5 structure itself. Currently we're in 4 of A of B.
After circled A-B unfolded as 3-wave structures, the only options that left for primary 4 was:
- Flat (3-3-5 structure);
- Triangle (3-3-3-3-3 structure).
In Flat structure, C should be a clear 5 waves down. In 5 wave structure wave 2 cannot unfold as triangle... but that's precisely what we see now and that's what invalidated "4 as Flat" option.
The only option that is left is "4 as Triangle". Given that in 3 wave structures usually A=C, first target for minor C of C of circled C is around 1205. A current advance from 1211 unfolding as ABC with C around 1230 will support that count.
First target for primary 5 is around 1307 and 1345, than expect a deep prolonged correction. End of correction expected at around $1500. After that expect another 5 waves down to below $1040.
After circled A-B unfolded as 3-wave structures, the only options that left for primary 4 was:
- Flat (3-3-5 structure);
- Triangle (3-3-3-3-3 structure).
In Flat structure, C should be a clear 5 waves down. In 5 wave structure wave 2 cannot unfold as triangle... but that's precisely what we see now and that's what invalidated "4 as Flat" option.
The only option that is left is "4 as Triangle". Given that in 3 wave structures usually A=C, first target for minor C of C of circled C is around 1205. A current advance from 1211 unfolding as ABC with C around 1230 will support that count.
First target for primary 5 is around 1307 and 1345, than expect a deep prolonged correction. End of correction expected at around $1500. After that expect another 5 waves down to below $1040.
Comment:
Update: bottom line of triangle miscalculated, but overall pattern remain intact. Expect resolution and next move up in few days.